MATH 101 - Business Mathematics

Credits: 3
Lecture Contact Hours: 3
Description: This course offers a review of fundamentals of arithmetic along with coverage of percentage, simple and compound interest, taxes, insurance, bonds and their applications to business practice.

Prerequisites: MATH 045 with a minimum grade of 2.0, or overall high school GPA of 2.8 or higher, a minimum score of 16 ACT-Math, 22 SAT-Math, 60 CPT-Arithmetic, or 240 NGA-Arithmetic
Corequisites: None.
Recommended: None.

Course Category: Liberal Arts | Mathematics
This course counts toward Schoolcraft’s General Education Requirements.
This Course is Typically Offered: Winter, Spring, Summer, Fall
Check Course Availability

Course Competencies

Calculate basic arithmetic problems with whole numbers, fractions, decimals, percents and ratios.
Solve algebraic equations and word problems.
Use key terminology related to business mathematics.
Balance a checking account.
Compute gross pay, employee deductions and employer contributions.
Solve problems involving simple and compound interest, promissory notes and present value.
Calculate maturity dates, values and time periods related to loans.
Calculate various types of discounts on invoices.
Compute markup and markdown on items.
Calculate present or future value of an annuity.
Calculate amount of a sinking fund and amortization payment.
Calculate payments and costs associated with both open- and closed- end credit.
Determine the most cost effective mortgage based on the payment details and costs.
Calculate depreciation using standard methods.
Solve problems involving life, property and motor vehicle insurances.